Thedelldays Posted 26 January, 2009 Share Posted 26 January, 2009 (edited) A work mate has offered to buy my flat...the price he has offered means I could walk away and pay off the mortgage completely BUT will not leave anything left over...basically, I could walk away and owe nothing to no one..to do this, he was everything to remain in the flat, all the furniture, ktichen stuff etc except, the TV and PS3... I would have to move back onto the naval base for a while as I would have no place to live (would not be an issue for long)...but I will have no furniture etc BUT have a clean break in the economical climate... toughie...do I sell and cut all ties like that in the current econimical climate or do I, keep that flat and not take the hit on losing out on all the furniture I have and wait for the market to change in the future..etc.. hmmm Edited 26 January, 2009 by Thedelldays Link to comment Share on other sites More sharing options...
Ponty Posted 26 January, 2009 Share Posted 26 January, 2009 If you can afford the mortgage as things stand then you'd be crazy to sell mate. Things will improve eventually and you'd just be back to square 1. Link to comment Share on other sites More sharing options...
Thedelldays Posted 26 January, 2009 Author Share Posted 26 January, 2009 oh...can afford it no issue...but it is tempting to sell up in the current climate and have NO ties like that (other than my car loan)... you read on article and the econemy is ruined for ever.. you read another and the econemy will be back to normal next spring/summer Link to comment Share on other sites More sharing options...
Ponty Posted 26 January, 2009 Share Posted 26 January, 2009 Either way, you'll still have a house. Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 26 January, 2009 Share Posted 26 January, 2009 I sold during the last recession - 2 bed flat in Blackpool - I paid £42,000 for it, and after costs etc etc got £42,000 for it [enough to pay back the interest only mortgage ]. About 3 years ago a mate told me that 'my' flat in Blackpool sold for £130,000. I was ****ed off because the mortgage was only about £250 per month, and I could have got about £400 per month rent for it. The moral of the story, unless you absolutely HAVE to, NEVER sell property unless you make a big old profit. Link to comment Share on other sites More sharing options...
hypochondriac Posted 26 January, 2009 Share Posted 26 January, 2009 Buy a load of crappy furniture off ebay and swap it with your decent furniture. Quids in. Link to comment Share on other sites More sharing options...
hamster Posted 26 January, 2009 Share Posted 26 January, 2009 Rent it to him. Link to comment Share on other sites More sharing options...
TopGun Posted 26 January, 2009 Share Posted 26 January, 2009 Why sell now when in all likelihood prices will have increased when you want to get back on the housing ladder? Sell high, buy low! Link to comment Share on other sites More sharing options...
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